The recent decision by Federal Reserve Chairman Ben Bernanke to begin holding press conferences may be one more indication of the increased influence of Representative Ron Paul (R-Texas). The Federal Reserve has long ignored the public and conducted its proceedings in cloister, but the Wall Street Journal reported April 21 that Bernanke will hold the Fed's first scheduled press conference ever after Wednesday April 27 Open Market Committee meeting.
Despite the White House’s contentions that the United States economy is improving, Standard & Poor’s recent decision to change its outlook on U.S. fiscal health over the next two years from “stable” to “negative” tells a different tale. Besides the obvious impact such an announcement would have on the economic recovery, as well as the stock market, it also appears to play a role in the current debate over a potential raise of the debt ceiling.
According to the International Monetary Fund and the World Bank, the global economy is "one shock away from a “full-grown crisis.” In a weekend-long meeting at the World Bank building in Washington, D.C., global leaders discussed the global economy and the financial struggles that lie ahead.
IMF’s website explains of the meetings:
Complying with a court order, the Federal Reserve began releasing documents on March 31 related to one of its bailout and wealth-transfer schemes during the financial crisis. And it turns out that among the biggest beneficiaries were foreign firms, including a bank owned by Libyan dictator Moammar Gadhafi's central bank.